,,ib ,union ,calendar ,no4 #dhb #aacth ,,congress #b;d ,session ,h4 ,r4 #defi ,report ,no4 #aac-fdb ,,in ,,the ,,house ,,of ,,representatives ,may #f1 #bjad ,mr4 ,garrett 7for himself and ,mr4 ,hurt7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,december #b1 #bjad ,additional sponsor3 ,mr4 ,hultgren ,december #b1 #bjad ,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union and ordered to be printed ,strike out all after the enacting clause and insert the part printed in italic ,a ,,bill ,to require the ,securities and ,exchange ,commission to make certain improvements to form #aj-,k and regulation ,s-,k1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,disclosure ,modernization and ,simplification ,act of #bjad4 #b4 ,summary page for form #aj-,k ,not later than the end of the #ahj-;day period beginning on the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall issue regulations to permit issuers to submit a summary page on form #aj-,k 7#ag ,c4,f4,r4 #bdi4caj71 but only if each item on such summary page includes a cross-reference 7by electronic link or otherwise7 to the material contained in form #aj-,k to which such item relates4 #c4 ,improvement of regulation ,s-,k ,not later than the end of the #ahj-;day period beginning on the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall revise regulation ,s-,k 7#ag ,c4,f4,r4 #bbi4aj et seq47-- 7#a7 to further scale or eliminate requirements of regulation ,s-,k1 in order to reduce the burden on emerging growth companies1 accelerated filers1 and smaller reporting companies1 and other smaller issuers2 and 7#b7 to eliminate provisions of regulation ,s-,k1 required for all issuers1 that are duplicative1 overlapping1 outdated1 or unnecessary4 #d4 ,study on modernization and simplification of regulation ,s-,k 7a7 ,study ,the ,securities and ,exchange ,commission shall carry out a study of the requirements contained in regulation ,s-,k 7#ag ,c4,f4,r4 #bbi4aj et seq474 ,such study shall-- 7#a7 determine how best to modernize and simplify such requirements in a manner that reduces the costs and burdens on issuers while still providing all material information2 7#b7 emphasize a company by company approach that allows relevant and material information to be disseminated to investors without boilerplate language or static requirements while preserving completeness and comparability of information across registrants2 and 7#c7 evaluate methods of information delivery and presentation and explore methods for discouraging repetition and the disclosure of immaterial information4 7b7 ,report ,not later than the end of the #cfj-;day period beginning on the date of enactment of this ,act1 the ,commission shall issue a report to the ,congress containing-- 7#a7 all findings and determinations made in carrying out the study required under subsection 7a72 7#b7 specific and detailed recommendations on modernizing and simplifying the requirements in regulation ,s-,k in a manner that reduces the costs and burdens on companies while still providing all material information2 and 7#c7 specific and detailed recommendations on ways to improve the readability and navigability of disclosure documents and to discourage repetition and the disclosure of immaterial information4 7c7 ,rulemaking ,not later than the end of the #cfj-;day period beginning on the date that the report is issued to the ,congress under subsection 7b71 the ,commission shall issue a proposed rule to implement the recommendations of the report issued under subsection 7b74 7d7 ,rule of construction ,revisions made to regulation ,s-,k by the ,commission under section #c shall not be construed as satisfying the rulemaking requirements under this section4 #a4 ,short title ,this ,act may be cited as the ,disclosure ,modernization and ,simplification ,act of #bjad4 #b4 ,summary page for form #aj-,k ,not later than the end of the #ahj-;day period beginning on the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall issue regulations to permit issuers to submit a summary page on form #aj-,k 7#ag ,c4,f4,r4 #bdi4caj71 but only if each item on such summary page includes a cross-reference 7by electronic link or otherwise7 to the material contained in form #aj-,k to which such item relates4 #c4 ,improvement of regulation ,s-,k ,not later than the end of the #ahj-;day period beginning on the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall take all such actions to revise regulation ,s-,k 7#ag ,c4,f4,r4 #bbi4aj et seq47-- 7#a7 to further scale or eliminate requirements of regulation ,s-,k1 in order to reduce the burden on emerging growth companies1 accelerated filers1 smaller reporting companies1 and other smaller issuers1 while still providing all material information to investors2 7#b7 to eliminate provisions of regulation ,s-,k1 required for all issuers1 that are duplicative1 overlapping1 outdated1 or unnecessary2 and 7#c7 for which the ,commission determines that no further study under section #d is necessary to determine the efficacy of such revisions to regulation ,s-,k4 #d4 ,study on modernization and simplification of regulation ,s-,k 7a7 ,study ,the ,securities and ,exchange ,commission shall carry out a study of the requirements contained in regulation ,s-,k 7#ag ,c4,f4,r4 #bbi4aj et seq474 ,such study shall-- 7#a7 determine how best to modernize and simplify such requirements in a manner that reduces the costs and burdens on issuers while still providing all material information2 7#b7 emphasize a company by company approach that allows relevant and material information to be disseminated to investors without boilerplate language or static requirements while preserving completeness and comparability of information across registrants2 and 7#c7 evaluate methods of information delivery and presentation and explore methods for discouraging repetition and the disclosure of immaterial information4 7b7 ,consultation ,in conducting the study required under subsection 7a71 the ,commission shall consult with the ,investor ,advisory ,committee and the ,advisory ,committee on ,small and ,emerging ,companies4 7c7 ,report ,not later than the end of the #cfj-;day period beginning on the date of enactment of this ,act1 the ,commission shall issue a report to the ,congress containing-- 7#a7 all findings and determinations made in carrying out the study required under subsection 7a72 7#b7 specific and detailed recommendations on modernizing and simplifying the requirements in regulation ,s-,k in a manner that reduces the costs and burdens on companies while still providing all material information2 and 7#c7 specific and detailed recommendations on ways to improve the readability and navigability of disclosure documents and to discourage repetition and the disclosure of immaterial information4 7d7 ,rulemaking ,not later than the end of the #cfj-;day period beginning on the date that the report is issued to the ,congress under subsection 7c71 the ,commission shall issue a proposed rule to implement the recommendations of the report issued under subsection 7c74 7e7 ,rule of construction ,revisions made to regulation ,s-,k by the ,commission under section #c shall not be construed as satisfying the rulemaking requirements under this section4 ,december #b1 #bjad ,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union and ordered to be printed